Property developers and fund managers have been traveling to Africa with increasing frequency as foreign investment continues to pour into what used to be called “the final frontier” (increasingly, we think that term is more appropriate for Detroit). Now they are facing competition for business-class seats – from private bankers. The recently released Africa Wealth Report reports that, since the beginning of this century, growth in the number of new African millionaires is more than double the global rate. While South Africa remains home to more wealthy individuals than any other country on the continent, Mozambique is the fastest-growing country for the newly minted. Cote d’Ivoire and Zambia follow closely behind. For the record, we were recently in Maputo and can confirm that room rates at the posh Hotel Cardoso clearly reflect this trend.
